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Inheritance taken by parents from their children
The Finance Act, 1991 (Section 116) introduced an important relief whereby the class threshold of £150,000 (index linked since 1990) is to be applied to inheritances taken by parents from their children. The relief does not apply to limited interests or gifts. The relief is retrospective to 2 June, 1982. Where tax is refunded it will be paid without interest.
The tax will not be repaid automatically. It must be claimed by writing a letter to the Capital Taxes Branch of the Revenue Commissioners requesting a refund.
